Jessica Merritt – The News Desk

Why You Might Want to Get a Credit Card From a Small Bank or Credit Union | Credit Cards

16Apr

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Money

Why You Might Want to Get a Credit Card From a Small Bank or Credit Union | Credit Cards

Key Takeaways Credit cards from small issuers may offer lower APRs and annual fees than products from large issuers. Offerings may be simpler with straightforward cash back and limited fees. Small issuers may lack expansive rewards and benefits but could help you limit credit card costs. If you're chasing maximum rewards and benefits, large credit card issuers, including American Express, Capital One, Discover and Chase, generally offer the best options. But if savings are a higher priority for you than earning, don't overlook small credit card issuers. A Consumer Financial Protection Bureau analysis finds that credit cards from small banks and credit unions may offer lower annual percentage rates and fees than cards from large issuers. These credit cards may fly under the radar but co...

25Dec

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Money

Best Student Loan Marketplaces of 2023

What Are the Pros and Cons of a Marketplace?Take some time to understand the virtues and limitations of a student loan marketplace. Serves as a good starting point for loan research. Offers easy access and navigation. Helps you easily compare loan options. Saves time by allowing you to prequalify with multiple lenders in one place. Produces a curated list of recommended lenders. Excludes federal loans. Includes many but not all private lenders. May lack support for borrowers. Find the Student Loan That's Right for YouHow Is Prequalifying Through a Marketplace Different From Applying Directly Through a Lender?When you apply through a marketplace instead of directly through a lender, the main difference is that you can prequalify with multiple lenders simultaneously. The marketplac...

8 Lenders for Refinancing Student Loans for Borrowers With No Degree of 2023

22Dec

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Money

8 Lenders for Refinancing Student Loans for Borrowers With No Degree of 2023

What It Means to Refinance a Student LoanWhen you refinance a student loan, you combine some or all of your student loans into a new loan, giving you one payment and ideally a lower interest rate, a lower monthly payment or both. You can refinance private student loans through private lenders and roll up federal student loans into a federal direct consolidation loan. Refinancing federal student loans into a private student loan is also possible, but it generally isn't a good idea because you'll give up the benefits and protections that come with federal loans. Choosing a Good Student Loan Refinance OfferAccepting a loan offer without researching it is one of the biggest mistakes borrowers make when refinancing student loans, says Jan Miller, president of Miller Student Loan Consulting. Bu...

How Can You Get Credit for Paying Rent? | Credit Cards

21Dec

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Money

How Can You Get Credit for Paying Rent? | Credit Cards

Credit bureaus don't automatically collect information about rent payments but will include this data on your credit reports if they receive it. And if you're buying a home, lenders can use your positive rental payment history for loan approval.While building credit by paying rent can take some effort, it is simple to do with rent reporting services and a little help from your landlord. Here's how to get credit for all of those rent payments.Does Paying Rent Build Credit? "Paying rent can build credit if your payments are reported," says Rod Griffin, senior director of consumer education and advocacy for the credit bureau Experian. "Unfortunately, that's not the norm, as most landlord and rent management companies don't report rent payments." Unless you or your landlord have signed up for...

17Dec

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Money

Best Mortgage Lenders of December 2023

What Are Current Mortgage Rates? Mortgage rates declined across the board this week, with the 30-year fixed rate falling further to 7.07%, according to the Mortgage Bankers Association. Less than two months ago, the rate on a 30-year mortgage was 7.9%. Additionally, the FHA loan rate dipped to 6.84%, making this government-backed mortgage a wise choice for prospective buyers. Mortgage interest rates are still forecasted to stay higher for longer into 2024. Here are the current mortgage rates, as of Dec. 13: 30-year fixed: 7.07% with 0.59 points (previous week: 7.17% with 0.6 points). 15-year fixed: 6.67% with 0.58 points (previous week: 6.8% with 0.77 points). 5/1 ARM: 6.47% with 0.76 points (previous week: 6.58% with 0.69 points). ...

16Dec

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Money

Current Mortgage Rates | U.S. News

National Average Mortgage Rates Rates data is based on a borrower with good credit, a conforming loan amount (at least $200,000 but less than the national conforming loan amount), and a loan-to-value ratio of less than 80% (For purchase loans, this corresponds to a down payment of 20% or more). © Zillow, Inc., 2006-2016. Use is subject to Terms of UseU.S. News Expert Insights “Mortgage rates retreated further this week as incoming data on inflation and the labor market continues to point to a cooling economy. In its December meeting, the Federal Reserve elected to hold the federal funds rate at 5.25% to 5.5%, where it's been since July. It appears that the Fed's rate-hike cycle has likely come to an end, so now investors have turned their attention to when rate cuts might co...

15Dec

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Money

Best Bad Credit Loans of December 2023

What Is a Bad Credit Loan?A bad credit loan is for borrowers with bad credit or thin credit. Loans may be secured or unsecured but are typically not secured by collateral such as your car or home. Bad credit scores fall between 300 and 579 on the FICO scale. The weaker your credit score, the greater the risk to the lender, which is why bad credit loans can be costly. You may qualify for a loan, but you could end up with an interest rate on the higher end of what the lender offers or a smaller loan amount than you want.Riskier types of loans, such as payday and title loans, are also available to borrowers with low or no credit scores.What Are the Current Personal Loan Rates? The average personal loan rate is 11.54% as of December 13, according to a Bankrate survey. Personal loan interest ...

15Dec

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Money

Best Wedding Loans of December 2023

What Is a Wedding Loan?A wedding loan is an unsecured personal loan for wedding expenses. Couples can use a wedding loan to manage the expense of renting a venue, catering, attire, photography, floral arrangements and more. A wedding loan could cover rings or the honeymoon, too.As a personal loan, you can use a wedding loan for any expense, even if it’s not wedding-related.“It’s just cash in your account to use however you see fit,” says Christina Roman, consumer education and advocacy manager for credit bureau Experian. But she encourages borrowers to have a clear plan for how they’ll use the funds. “Be very careful when you’re getting that lump sum in your bank account,” she says.“Weddings may come around once in a lifetime, and while you may budget and DIY as much as you can, the reali...

15Dec

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Money

Best Home Equity Loans of 2023

What Is a Home Equity Loan?A home equity loan, also known as a second mortgage, allows you to borrow against the equity in your home and uses your property to secure the loan. You get a lump sum, and the loan typically has a fixed interest rate and a repayment term of five to 30 years. Equity is the market value of your home minus what you owe on your mortgage. Lenders may want you to keep your borrowing to 80% of your home’s equity at the most, according to the Federal Trade Commission. That means if you have $100,000 in equity, you may be able to borrow $80,000. But you can find lenders that let you borrow 85% of your home’s equity, or even more.What Are the Benefits of Home Equity Loans? You'll pay a fixed interest rate. Whether interest rates rise or fall, your monthly payment on a h...

Best Emergency Loans for Bad-Credit Borrowers of December 2023

12Dec

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Money

Best Emergency Loans for Bad-Credit Borrowers of December 2023

What Are the Current Personal Loan Rates? The average personal loan rate is 11.54% as of December 6, according to a Bankrate survey. Personal loan interest rates are trending higher over the past several months, increasing by about half-a-point since early July: Personal loan rates vary widely based on creditworthiness. Borrowers with very good or excellent credit scores will see much lower interest rates than those with fair or poor credit. Often, borrowers with bad credit will apply for a secured personal loan that uses an asset as collateral in order to achieve lower rates: Bankrate Averages What Is an Emergency Loan?An emergency loan is typically a personal loan that offers fast approval and funding for quick access to cash. "While every lender is different,...